Tax cuts’ expiration would have outsized negative impact on N.J., economist says
While high-income earners represent less than 6 percent of New Jersey taxpayers, they account for nearly 57 percent of all federal personal income taxes paid from the state, compared to less than 50 percent nationally, according to a study by the nonpartisan Tax Foundation.
That means if President Barack Obama allows the George Bush-era tax cuts to expire for those earning more than $200,000 a year, high earners in the state will see their tax burden increase disproportionately compared to the rest of the country, taking more consumer buying power out of the state and hurting New Jersey’s economy, a tax expert said. (Eder, NJBIZ)